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Square -- new frontiers in fraud
device
jducoeur
Just got the pointer to this video about SquareUp, a new gadget/service that turns your iPhone into a credit card reader, so you can accept credit card payments yourself.
  • First reaction: that's immensely cool and useful, and a major step towards the cashless economy.

  • Second reaction: I don't have enough fingers and toes to count the number of new kinds of crime this is going to facilitate.

  • Third reaction: ... and of course, this *could* just be a clever scam to get lots of bank account routing numbers quickly and easily, and then run for the hills.
I'll be very curious to see what happens...

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The VC firm behind it looks legit. I wouldn't be concerned, personally, about signing up (if they had open signups, which they don't).

Who knows...it might even force credit card vendors to have some sort of security surrounding credit cards.

I understand the rogue thought behind #3, but I don't think it likely simply because there is more money to be had in doing #1 right. More money, legit money, better business plan.

#2? Oh yeah. I can see restaurant waiters taking your card, scanning it on their iPhone and then processing your bill per usual. A high tech variation on an old fraud already out there.

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